- Jackson Hole 24/7: Fed Chairman Jerome Powell speaks at the central bank confab at 10 a.m. ET. Wall Street pacing for a weekly loss, but up premarket. The 10-year Treasury yield just won't quit, remains above 3%. The Fed's favorite inflation measure shows price pressures eased in July.
- Covid vax battle: Moderna (MRNA) sues the Pfizer (PFE) and its German partner BioNTech (BNTX), alleging patent infringement. Moderna said they appropriated two types of intellectual property. BioNTech said its work was original.
- Club holding Marvell Technology (MRVL) reported an almost perfect quarter, one slight ding, and it gets hit. The anatomy of a 3%-plus decline in the premarket, in Thursday night's bulletin. I say data center demand is still strong, it just couldn't get all of its chips. When a penny beat is not enough. MRVL was up in the regular session as much as it's down Friday morning. Strength on Thursday was seen in all the chipmakers as Wall Street bought the reset at Nvidia (NVDA), also a Club holding.
- Burlington Stores (BURL): split decision. Lots of price target cuts are the company's quarter. But Blair starts with an outperform (buy) rating and Baird raises its PT to $205 per share from $200. Of the off-price retailers, we like TJX Companies (TJX). We started a position in the firm behind T.J. Maxx, Marshall's and HomeGoods on Wednesday. We with TJX is the better operator and in a great position to take advantage of the inventory gluts at the likes of Walmart (WMT) and Target (TGT).
- Gap (GPS) pops 6% in the premarket after boss Bob Martin, delivers surprise quarterly profit. Big beat. Banana Republic brand helped the need for dressier clothes for return to work.
- Piper Sandler raises its price target on Ulta Beauty (ULTA) to $505 per share from $485. Another great quarter from CEO Dave Kimbell. Lots of other PT hikes on the Street as well.
- Barclays says Peloton's (PTON) free cash flow is about to turn positive in 2022; stays with buy but cuts price target on the stock to $18 per share from $22. Rollercoaster week for PTON: up 20% on Wednesday after Amazon partnership and then down 18% the next day after releasing its quarter. Many price target cuts on Wall Street, with Morgan Stanley's $10-per-share is the lowest of the bunch.
- Dell (DELL) slashes forecast: Consumer group is weak. Full-year fiscal 2023 guide: flat to up 2% on revenue with earnings-per-share of $6.60 to $7 down from $7.01. Observed more cautious consumer behavior as the quarter progressed. We know that demand for personal computers, in general, has been week as seen through our semiconductors names.
- Shares of buy now, pay later company Affirm (AFRM) slammed 12% in the premarket. The Street says no: weak quarter and weak guidance. Full-year revenue outlook lowered to $1.63 billion to $1.73 billion on lower gross merchandise value (GMV) of $20.50 to $22. Conservative, cautious or as Jefferies says maybe mediocre? Barclays lowers price target to $29 per share from $35.
- Workday (WDAY) like the old days: beat and raise. Enterprise cloud technology for finance and HR that does it better with fewer, a value proposition when it comes to planning, human capital. Co-CEO, Aneel Bhusri told me in a "Mad Money" interview: The pace of digital transformation is not slowing down.
- Wells Fargo downgrades Centene (CNC) to equal weight from overweight (buy to hold), cuts price target on the provider of services to government-sponsored and commercial health-care programs to $99 per share from $103.
- Big overnight gains in Electronic Arts (EA) shares get a haircut after CNBC's David Faber reported that he's not hearing anything from people would know about Amazon (AMZN) interest in buying the video game maker. A media report said Amazon, a Club holding, was.
- The judge overseeing the Twitter (TWTR)-Elon Musk lawsuit says to Musk: Defendants' data requests are absurdly board. Here's the quote: "Defendants' documents request would require Plaintiff to produce trillions of data points reflecting all of the data Twitter might possibly store for each of the approx. 200 million accounts included in its mDAU count every day for nearly three years." But Musk will get some data he wants.
(Jim Cramer's Charitable Trust is long MRVL, NVDA, TJX and AMZN. See here for a full list of the stocks.)
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